S 1091 · 112th Congress 2011–2013, ended

A bill to amend the National Flood Insurance Act of 1968 to include a system for indeterminate loss insurance claims, and for other purposes.

Latest action · May 26, 2011 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedMay 26, 2011
  2. Passed SenateNot reached
  3. Passed HouseNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Consumer Option for an Alternative System To Allocate Losses Act of 2011 or COASTAL Act of 2011 - Amends the Integrated Coastal and Ocean Observation System Act of 2009 to direct the Administrator of the National Oceanic and Atmospheric Administration (NOAA) to develop an assessment model for determining the magnitude and variations of coastal storm surges and wind speeds associated with named storms (Named Storm Event Model).

Requires the Administrator to: (1) identify named storms that may constitute a threat to the coastal zone, (2) develop a post-event assessment for such named storm, (3) establish a specified protocol to collect and assemble all requisite data to produce post-event assessments, (4) identify federal and state systems capable of collecting such data, and (5) establish the Coastal Wind and Water Event Database.

Directs the Comptroller General to audit federal efforts to collect such data.

Amends the National Flood Insurance Act of 1968 to direct the Secretary of Homeland Security (DHS) to establish a system for allocating losses among certain insurers providing coverage against property losses due to wind and water peril.

Prescribes procedures allocation of indeterminate loss claims and their payment.

Directs the Administrator of the Federal Emergency Management Agency (FEMA) to establish an arbitration panel for appeals regarding loss allocation for resolving indeterminate claims.

Flood Insurance Reauthorization Act of 2011 - Amends the National Flood Insurance Act of 1968 (NFIA) to extend through FY2016 the National Flood Insurance Program and the financing for it.

Prohibits the Administrator of FEMA from extending a certain subsidy to new or lapsed policies.

Requires adjustment of the flood insurance risk premium rate for property in an area participating in the national flood insurance program to reflect the current risk of flood to such property.

Requires the Administrator of FEMA to make flood insurance available in only those states or areas that have given satisfactory assurance that by December 31, 2012, state-chartered lending institutions not insured by the Federal Deposit Insurance Corporation (FDIC) or by the National Credit Union Share Insurance Fund shall be subject to state regulations consistent with NFIA flood insurance purchase and compliance requirements.

Amends the Flood Disaster Protection Act of 1973 to: (1) increase the maximum civil money penalty against regulated lenders for failure to require flood insurance, (2) modify requirements for the escrow of flood insurance payments, and (3) require policyholder notification by a regulated lending institution that insurance coverage may cease upon policyholder's final mortgage payment.

Requires the Administrator of FEMA to continue to work with the insurance industry, state insurance regulators, and other interested parties to implement certain minimum training and education standards for all insurance agents who sell flood insurance policies.

Cosponsors

Members who signed on, in the order they did.

No cosponsors are on file for this measure.

Committees 1

Where it was sent and what each committee and subcommittee did with it, in order.

ChamberCommitteeWhat it did
SenateBanking, Housing, and Urban Affairs Committee
Referred May 26, 2011

Actions 2

Everything that happened, newest first.

  1. May 26, 2011Introduced in Senate
  2. May 26, 2011Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Research

What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.

Printed hearings 1

Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.

NumberHearingCommitteeHeld
S. Hrg. 112-229REAUTHORIZATION OF THE NATIONAL FLOOD INSURANCE PROGRAM211 pagesBanking, Housing, and Urban Affairs CommitteeJun 9, 2011–Jun 23, 2011

Titles 4

Every title it has carried, official and short, at each stage.

Official Title as Introduced
A bill to amend the National Flood Insurance Act of 1968 to include a system for indeterminate loss insurance claims, and for other purposes.
Short Titles as Introduced for portions of this bill
COASTAL Act of 2011
Flood Insurance Reauthorization Act of 2011
Consumer Option for an Alternative System To Allocate Losses Act of 2011

Subjects

Assigned by the Library of Congress. Policy area: Finance and Financial Sector.

Text 1

Each version as it was printed, newest first.

  1. May 26, 2011Introduced in Senate

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.